Hong Kong’s Securities and Futures Commission (SFC) has updated its Alert List, which features the names of businesses that are unlicensed in Hong Kong and are believed to be, or to have been, targeting Hong Kong investors or claim to have an association with Hong Kong.
Amid the latest additions to the Alert List is FX Protrade, offering a variety of Forex services via www.fxprotrade.com. The company, which is unlicensed to provide its services in Hong Kong and to Hong Kong investors, claims to have an address in the UK.
FX Protrade is apparently associated with 5Markets Ltd, another unlicensed company on the Alert List. It uses a Hong Kong bank account in the name of Markets Technologies Limited for settlement.
The SFC notes that unlicensed entities often use names similar to legitimate companies to confuse investors.
You can view the warning against FX Protrade by clicking here.